BOB’s (“Construct on Bitcoin”) purpose is to roll out the primary Bitcoin layer-2 community that is appropriate with the Ethereum Digital Machine (EVM) normal.
The seed spherical was led by Fortress Island Ventures.
BOB, a hybrid layer-2 community – sitting atop the Bitcoin blockchain, however with Ethereum compatibility – has raised $10 million in seed funding.
The spherical was led by Fortress Island Ventures and included participation from Mechanism Ventures, Bankless Ventures, CMS Ventures, UTXO Administration, together with angel traders Dan Held and Domo, creator of the BRC-20 token normal.
BOB’s purpose is to roll out the primary Bitcoin layer 2 with Ethereum Digital Machine (EVM) compatibility. EVM is Ethereum’s native processing system that permits builders to create good contracts. The title BOB is an acronym for “Construct on Bitcoin.”
Bringing Ethereum-style contracts to Bitcoin is seen as one thing of a sticky wicket on account of considerations that the computations would place a pressure on the community and degrade efficiency for different customers.
Nevertheless, the spirit of creating atop Bitcoin obtained some recent impetus final yr via the BitVM proposal, as specified by a whitepaper in October. Below BitVM, computations can be carried out off-chain after which verified on-chain, much like the mechanics of optimistic rollups on Ethereum, which means there can be no threat of clogging up the community at different customers’ expense.
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